By Brazil Stock Guide – Ultrapar Participações S.A. (B3: UGPA3, NYSE: UGP) has agreed to acquire a 37.5% stake in Virtu GNL Participações S.A. for R$102.5 million (US$17.9 million), expanding into Brazil’s fast-growing liquefied natural gas (LNG) logistics sector. The deal includes a R$85 million capital injection and a secondary share purchase, pending regulatory approval.
Virtu operates two core businesses: LNG logistics for Eneva and external clients through a joint venture, and LNG-powered freight operations via dedicated fueling hubs and its own truck fleet. The company has emerged as a leading low-carbon transport player, targeting diesel substitution in routes tied to Brazil’s booming agribusiness in the country’s Central-West and Northern regions.
The new ownership structure will establish a control block shared by Ultrapar and Perfin Infra, holding 75% of voting shares, while founder José Moura Jr. will retain a 25% stake. Ultrapar said the model will allow it to “support commercial and strategic development, growth, governance and management” of Virtu.
The acquisition marks Ultrapar’s first major step into LNG-based logistics, part of its strategy to diversify into new energy segments with strong growth and profitability potential. The company — best known for its Ipiranga fuel network and Ultragaz — has been repositioning toward energy transition and infrastructure plays.
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